Newcastle becomes more pure-play senior housing operator

Core earnings of $34M or $0.10 per share vs. $27M and $0.08 in Q4.

Investment activity in Q1: Put up $9M in equity to acquire 2 managed senior housing properties for total price of $26M. Newcastle (NCT) has another 15 properties under contract for total purchase price of $319M, which company expects will require equity investment of $230M.

CDO and other action: Received $83M of proceeds from Intrawest Resort Holdings as partial prepayment of a 3rd-lien loan held in CEO VIII and CEO IX. Sold 100% of agency roughly $500M RMBS portfolio, received $28M of principal recovery, representing $2M gain on sale.

CC at 10 ET

Previously: Newcastle Investment beats by $0.01

Comments (1)
  • Michael Bryant
    , contributor
    Comments (7340) | Send Message
    And (NCT) stock is down this morning. Is this a buying opportunity? I think so.
    2 May 2014, 10:14 AM Reply Like
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